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Aerospace and Defense Springs Market Size, 2025 | Industry Report

Aerospace and Defense Springs Market Analysis Report By Type, By Region And Segment Forecasts From 2019 To 2025

Report ID: MN17620032  |  Published: August 2020  |  No of Pages: 83
Format: Electronic (PDF)  |  Industry: Military Aerospace & Defense  |  Publisher: Grand View Research

Industry Insights

The global aerospace and defense springs market size was valued at USD 260 million in 2018 and anticipated to grow with a CAGR of 5.2% during the forecast period, 2019 to 2025. Increasing demand for aircraft for commercial purpose due to the growing number of passengers are the major factors to drive market growth. Rising need for fighter jets due to increasing security concerns and growing border clashes in Asia Pacific countries is further projected to drive the market growth. 

Spring is a small but essential component in aircraft, as it is used in all essential components of aircraft. It is widely used in luggage doors, armrests, stairs, cup holders and aircraft’s interior and frames. In addition, they are used in major aircraft components including hydraulic engines and systems, metering valves and actuators.

North America aerospace and defense springs market

Components used in the defense and aerospace industry should be durable with the capability to sustain in a harsh environment. Therefore, manufacturers require sturdy and durable components that need less maintenance, up-gradation, and replacement along with precise in dimensions. The springs used in the aerospace and defense industry due to its various beneficial properties such as resistant to high pressure, longer life, and low maintenance, thereby used in probes, antenna, satellites and radar. These springs play an important role in navigation as well as for ground services teams.

The raw material used for the manufacturing of springs is also an important factor in this market. This material differs as per the manufacturer’s requirement. For instance, stainless steel with grade 17-7 is widely used in spring manufacturing due to its durability and sustainability. However, the availability of other cost-effective raw material is projected to propel the aerospace & defense spring demand.

Stringency in the aerospace & defense sector mandated manufacturers to manufacture the best quality and accurate size of components. Springs have a wide range of applications in this industry to decrease the weight of equipment and maintain high standard performance. Spring is not a standardized product, thus it can be modified as per the aircraft components requirement.

Type Insights

On the basis of type, the aerospace & defense spring market is fragmented into flat coil springs, spiral/power springs, torque coil, torsion, & clutch springs and others. The coil spring type is estimated to dominate the market throughout the forecast period due to its various applications in aircraft components. In addition, several properties of this product such as low replacement, low cost of raw material and lightweight are major factors estimated to foster the segment growth. On the other hand, flat power/spiral springs category is projected to have considerable growth in this industry in the next few years.

Global aerospace and defense springs market

Coil springs allow high flexibility associated with variable rate characteristics. When weight is increased, the variable rate spring gets stiffer to raise stability without any harsh effects. It also helps to reduce surrounding vibration, thus increases the longevity of connected components. On the other hand, to carry heavyweight, torsion or spiral springs are preferred than coil springs.

Regional Insights

In 2018, Asia Pacific led the market and expected to grow with the highest CAGR during the forecast period. This growth is attributed to an improvement in manufacturing services in the aerospace sector. China has the major production of this product due to the high presence of raw material.

Europe held the market share of more than 22.0% in terms of revenue and estimated to grow with the significant CAGR from 2019 to 2025. This growth is characterized by the presence of a large number of aircraft OEM and parts manufactures. Rising demand for advanced aircraft is anticipated to boost the regional market growth. In addition, the emergence of new technologies like drones and inspection robots for maintenance purposes is projected to propel regional market growth.

Impact of COVID-19

The COVID-19 outbreak has   impacted the aerospace and defense industry adversely, as several commercial aircraft manufacturers have temporarily shut down their operations. In commercial aviation, companies are experiencing disruption in production as well as slow demand as passengers are not travelling due to government restrictions across the globe. Therefore, the demand for springs has been decreased to some extent in the pandemic situation.

In the defense sector, demand for the product should not be affected over the next two years due to COVID-19. Production may slow due to current situation, as budgets for these projects had been allocated before the pandemic. Hence, the demand for springs in defense sector is projected to surge with significant growth rate during pandemic situation. 

Aerospace and Defense Springs Market Share Insights

The major companies operating in the market are M. Coil Spring Manufacturing Company; Ace Wire Spring & Form Co., Inc., Myers Spring Co. Inc., and Argo Spring Manufacturing Co., Inc.; These market players are majorly focusing on strategic alliances as well as long term agreements and OEM to reduce the risk and cost related to development of aerospace products. Other players involved in this market are Myers Spring Co. Inc.; MW Industries Inc.; Vulcan Spring & Mfg. Co.; John Evans’ Sons Inc. and Nordia Springs Ltd. These players are investing in R&D to develop lightweight springs along with high-pressure resistant capacity in order to reduce aircraft weight.

The market is highly competitive in the nature due to increasing demand from aircraft manufacturing industry. The market has a low entry barrier owing to requirement for product certification. Even though Europe and North America have more well-established companies, new players in the developing region are offering a low-cost solution to consumers, which is projected drive intense competition in this market.

Report Scope

Attribute

Details

Market size value in 2020

USD 291.8 million

Revenue forecast in 2025

USD 377.7 million

Growth rate

CAGR of 5.2% from 2019 to 2025

Base year for estimation

2018

Historical data

2014 - 2017

Forecast period

2019 - 2025

Quantitative Units

Revenue in USD million and CAGR from 2019 to 2025

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

Type and region

Regional scope

North America; Europe; Asia Pacific; South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; U.K.; Germany; France; China; Japan; India; Brazil

Key companies profiled

Argo Spring Manufacturing Co., Inc.; M. Coil Spring Manufacturing Company; Myers Spring Co. Inc.; and Ace Wire Spring & Form Co., Inc, Vulcan Spring & Mfg. Co.; Myers Spring Co. Inc.; MW Industries Inc.; Nordia Springs Ltd; and John Evans’ Sons Inc.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global aerospace and defense springs market report based on type and region:

• Type Outlook (Revenue, USD Million, 2014 - 2025)
    • Flat Spiral/Power Springs
    • Coil Springs
    • Torsion, Torque Coil, & Clutch Springs
    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • U.K.
        • France
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa

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